Best Canadian Cashback Credit Cards

There are credit cards that feature extra cash back during the promotional period as well as no annual fee, generous welcome bonuses, and no categories or limits.

1. Scotia Momentum® Visa Infinite Card

Offered by the Bank of Nova Scotia, the Scotia Momentum Visa Infinite Card, for example, goes with 4 percent cash back on groceries and gas (*earn 10% cash back on everyday purchases for the first 3 months – up to $200.00). The card also features concierge service, travel accident insurance, flight delay insurance, car rental discounts, and a lot more. Optional protection is also offered in case of critical illness, lockout, strike, job loss, or disability. Customers with no credit history are welcome to apply. However, there is a minimum income requirement of $60,000 a year. Supplementary cards are available to earn more cash back.

There are plenty of added benefits for holders. They are offered discounts on wine, vineyard tours, wine tastings, access to exclusive and premier events, hotel room upgrades, and more.

Purchase interest rate: 19.99 percent

Balance transfer and cash advance rate: 22.99 percent

Annual fee: *$99 waived for the first year. For accounts opened by February 28, 2019

Credit limit: $5,000 or higher

2. SimplyCashTM American Express

The SimplyCash American Express Card is also a great choice to earn cash rewards and goes with supplementary cards, no annual fee, and entertainment and travel benefits. Customers earn 5 percent back during the 6-month promotional period and 1.25 percent back afterwards. Additional benefits include car rental theft and damage coverage, promotional balance transfer rate, shopping discounts, weekend gateway deals, and access to exclusive events such as theater performances and concerts.

Funds advance rate: 22.99 percent

Purchase rate: 19.99 percent

Annual Fee: No

3. Tangerine Money-Back Credit Card

Another option to look into, the Tangerine Money-Back Credit Card goes with no annual fee, 0.5 back on regular purchases, and 2 percent back on select purchases (categories of your choice).

Best Travel Credit Cards

Canadian travel rewards cards feature travel benefits and opportunities, rewards programs, welcome bonuses, double or extra points on travel expenses and gas, and so on. Some cards feature deals and saving opportunities as well as VIP lounge access, travel upgrades, free baggage, and airfare discounts. There are added incentives such as access to luxury airport lounges, car rental and hotel discounts, and comprehensive insurance, including car rental collision, flight delay, and trip delay. Most issuers advertise cards with no blackout dates and other restrictions and limitations.

4. Scotiabank® Gold American Express®

The Scotiabank Gold American Express Card is the perfect choice for customers with no credit history and for newcomers to Canada. The card features add-ons and perks such as special offers, access to airport lounges, concierge service, and travel insurance. Concierge services cover things like show and concert ticket reservations, restaurant reservations, and more. The comprehensive insurance coverage includes lost and delayed baggage, flight delay, trip cancellation, travel accident insurance, etc. Cardholders earn 1 bonus point on regular purchases and 4 points on dining and entertainment and grocery and gas purchases. The best part is that there are no travel restrictions, and points can be redeemed at any time.

Balance transfer rate: 22.99 percent

Cash advance rate: 22.99 percent

Purchase rate: 19.99 percent

Annual fee: $99

5. BMO® World EliteTM MasterCard®

Offered by the Bank of Montreal, the BMO World Elite MasterCard is also a great choice to earn rewards points and take advantage of a host of added benefits. The list of perks includes complimentary lounge access, medical and travel coverage, roadside assistance, and a generous welcome bonus of 35,000 points on purchases over $3,000 during the first 3-month period. Holders earn 2 points on all purchases and 3 points on entertainment and restaurant and travel purchases.

6. Home Trust Preferred Visa

The Home Trust Preferred Visa card is one option to consider to avoid foreign transaction fees. In addition to no conversion surcharges, the card goes with guaranteed hotel bookings, complimentary roadside assistance, 1 percent money back, and auto rental loss and collision coverage. There are no cashback limits and restrictions and no annual fee. Emergency cash is also available for peace of mind and so is emergency card replacement. To apply for the Home Trust Preferred Visa customers are asked to provide details such as address and name of current employer, annual income, previous address, etc.

Cash advance rate: 19.99 percent

Purchase rate: 19.99 percent

Grace period: 21 days or more

7. RogersTM Platinum MasterCard®

Another great card with a low foreign transaction fee, the Rogers Platinum MasterCard is offered by the Rogers Bank and goes with a complimentary bonus, money back rewards, and an annual fee waiver during the first year. Cash back can be redeemed at different locations, including Fido and Rogers as well as for merchandise, tickets, subscriptions, and more. Points can be redeemed for pre-payed services as well (like Chatr). The Pay with Rewards app by Rogers is a convenient way to redeem money back rewards.

8. Scotiabank Platinum American Express®

This credit card by the Bank of Nova Scotia allows users to collect rewards points for select and everyday purchases. They earn 1 point for each dollar on regular purchases and 4 points per dollar on entertainment and dining, grocery purchases, and gas. There are no travel restrictions, and points can be redeemed at anytime and anywhere. The card also goes with a large minimum credit limit of $10,000. Users are offered 7 types of insurance coverage, including trip interruption and cancellation, emergency medical, lost and delayed baggage, flight delay, etc. Added benefits include premium concierge, VIP pass for exclusive events, complimentary lounge, and a lot more. Customers also enjoy access to special events and experiences, including dining, theatre shows, films, music, and shopping.

Purchase rate: 19.99 percent

Balance transfers/cash advances: 22.99 percent

Annual fee: $399.00

9. BMO® Cashback® World Elite® MasterCard®

Also a great card with comprehensive coverage, the BMO Cashback World Elite MasterCard goes with a host of benefits and incentives, including cash back, supplementary cards to earn more. Customers are offered insurance coverage, including extended warranty and purchase protection, collision damage waiver on car rentals, as well as out of country and out of province emergency medical coverage. In addition, holders earn 1.5 percent back on all purchases charged on the card. Cash can be used in the form of credit or held in an investment or savings or checking account. The minimum income requirement is $80,000 for individual cardholders and $150,000 for households.

Interest rate on purchases: 19.99 percent

Interest rate on cash advances: 22.99 percent

Annual fee: $120

Best Student Credit Cards

Many banks in Canada offer student credit cards, including Scotiabank, TD Canada Trust, RBC, and others. Student cards feature multiple benefits such as competitive interest rates, no annual fee, and rewards points. Users earn points on pharmacy and grocery purchases, gas, bills, and more. Some cards offer extra points on entertainment, restaurant, and travel purchases. The best part is that banks have lenient requirements when it comes to credit rating.

10. Scotiabank L’earnTM Visa Card

Scotiabank offers a student Visa that allows customers to build credit with responsible use and timely payments. Applicants with little credit exposure and no credit history qualify and so do newcomers to Canada. The card goes with no annual fee, money back, car rental discounts, and other benefits. Optional protection for unexpected events is available, including death, critical illness, loss of employment, and others. Students also earn cash back at a rate of 1 percent. The minimum credit limit is $500, and the grace or interest-free period is 21 days or longer. Applicants are asked to provide personal and school information such as expected graduation date, start date, and name of college, university, or another institution.

Cash advance rate: 22.99 percent

Purchase rate: 19.99 percent

11. Scotiabank Scene® Visa Card

Also a great card by the Bank of Nova Scotia, the Scotiabank Scene Visa Card allows customers to earn rewards points on select and regular purchases. Users earn 5 points per dollar at Cineplex, both online and at Cineplex theatres, and 1 point on regular purchases such as clothing, transportation, groceries, meals, and so on. Thus, customers who spend $200 on movies a month will earn a total of 1,000 points. During the first 3 months, the first $500 spent on regular purchases earn a bonus of 2,000 points. Points can be redeemed in different ways – for meals, movies, and more. There is a minimum annual income requirement – $12,000.

Annual fee: none

Cash advances: 22.99 percent

Purchase rate: 19.99 percent

Best Secured Credit Cards and Credit Cards for Bad Credit

Secured cards allow customers with poor and tarnished credit to rebuild their history and rating. This is good news for customers with missed and late payments and a history of delinquencies, foreclosures, and other negative events. Making regular and timely payments over a certain period of time allows borrowers to rebuild credit and apply for loans and cards with beneficial terms. Some secured cards go with higher interest rates, but this is not always the case. The credit limit varies and is usually equal to or lower than the deposit made. The deposit acts as a guarantee of timely payment. This is the reason why customers are approved without credit check. What is more, some providers offer the option to add an authorized user free of charge. Other benefits include Visa and MasterCard benefits, no annual fee, low rate options for authorized and primary cardholders, and more.

12. Refresh Financial Secured Visa Credit Card

This secured Visa by Refresh Financial helps customers to improve their credit score and goes with a competitive interest rate and low annual fee. Virtually everyone gets approved, regardless of their rating. In addition to fast and easy approval, there are added benefits for users, among which free financial education and the opportunity to build savings. The financial intelligence training program offers short educational movies to teach customers how to set financial goals, build personal wealth, save for the future, and use credit cards responsibly. Responsible use is obviously the key to building or rebuilding credit. Wise money management is also essential to stay away from debt in the long run and build a financial safety net. Users also learn how credit works and how to create a personal brand.

There are plenty of ways to pay for college in Canada, and many young people opt for student loans to pay tuition fees, room and board, textbooks, books and other expenses.

Student Loan in Canada Overview

Who Offers Student Loans

Financing is available from different sources, including the federal and provincial governments as well as private providers such as banks, finance companies, and credit unions. The Government of Canada offers federal loans to students enrolled in designated universities and colleges. The provincial governments also offer funding in the form of grants, bursaries, and loans. The rules and requirements vary by province and territory. Quebec, the Northwest Territories, and Nunavut, for example, have their own funding programs, and federal loans are not available. Depending on the student’s territory or province of residence, when applying for funding, students may be asked to provide information such as their bank account number in Canada, their last year’s income tax return, birth date, social insurance number, spouse or parents’ social insurance numbers, etc. Undergraduates who fail to qualify for federal or provincial assistance often apply for a loan with their local bank or credit union or a major bank such as BMO or RBC. Many financial institutions feature education or student lines of credit with reasonable interest rates to help pay major expenses such as residency and tuition fees. Personal loans are also available to meet college-related expenses and come with either variable or fixed rate. Some banks also offer scholarships based on merit and scholarships for females, indigenous and aboriginal people, children of their employees, and people in special circumstances in general.

Laws and Regulations

A number of regulations and laws govern loan provision, including the Canada Student Financial Assistance Act, Canada Student Loans Act, and others. The Canada Student Loans Regulations, for example, include provisions on applicable interest rates, payment of interest rate and the principal, agreements and alterations, consolidation, reinstatement and continuation, and a lot more.

Federal Government Student Loan Programs

Canada Student Loan Program (CSLP)

Funding under the Canada Student Loan Program is available in most Canadian territories and provinces, including Quebec, Ontario, British Columbia, Nova Scotia, and others. There are certain eligibility criteria to meet, one being financial need. Students qualify for financial assistance provided that they are enrolled part-time or full-time in a certificate, diploma, or degree program. Permanent residents and citizens qualify for funding, and protected and designated persons are also eligible to apply. People aged 22 and over are required to pass a credit check.
The repayment period begins once people leave school, transfer from full-time to part-time studies, graduate from school, or leave school for a period of more than 6 months. There are different types of repayment assistance plans for undergraduates who find it difficult to keep up with payments, including Canada Student Loan Rehabilitation, revision of terms, the Repayment Assistance Plan, and others.

Canada Student Grants Program (CSGP)

Government grants are available to students from middle- and low-income families who are enrolled in a post-secondary program. Only people in designated institutions qualify for grants. Designated colleges and universities include the Red Deer College, Mount Royal University, College of New Caledonia, Atlantic Business College, Maritime Business College, and more.
There are plenty of options to look into, among which grants for part-time and full-time students, for persons with disabilities, people with dependents, aboriginal people, registered apprentices, and others. Full-time scholars are eligible to apply provided that they are enrolled in a certificate, diploma, or degree program. Funding is based on financial need, i.e. factors such as household annual income and family size. In addition, there are different programs to look into, examples being the Athlete Assistance Program and Post-Secondary Student Support Program.

Provincial and Territorial Student Loans

Alberta: The Alberta Learning Information Service

Scholars are eligible to apply for grants and student loans based on financial need. Funding is available to help meet expenses such as supplies and books, mandatory fees, and tuition fees. The monthly allowance is different for people with dependent children and those with no children. Students with dependents can also apply for dental, optical, and medical coverage.

British Columbia: StudentAidBC

People in British Columbia have different options to meet college expenses, including scholarships, grants, and loans. Other types of financial assistance include the Youth Educational Assistance Fund, work study programs, bursaries, awards.

Manitoba: Manitoba Student Aid

Students in Manitoba are offered financial aid in the form of bursaries, grants, and loans. Protected persons, landed immigrants, and Canadian citizens qualify for assistance. Undergraduate loans are interest-free during the repayment period and while enrolled in a diploma or degree program.

New Brunswick: New Brunswick’s Student Financial Service

Scholars in New Brunswick have access to a number of programs and services, among which personal learning and academic upgrading programs, digital literacy training, GED preparation courses, employment counseling and assistance services, financial assistance, and others. When applying for financial assistance, people are asked to provide details such as citizenship, province of residence, visible minority status, and category, i.e. married, single parent, or dependent.

Newfoundland and Labrador: Newfoundland and Labrador Student Aid

Aid is offered in the form of grants and loans and is available to part-time and full-time students as well as to persons with permanent disabilities. Applicants who are landed immigrants or Canadian citizens and demonstrate financial need qualify for assistance. To maintain eligibility, students are required to have an 80-percent course load for provincial funding and a 60-percent load for federal funding. Different types of assistance are available, including NL and Canada loans, the Canada Student Grant for Adult Learners.

Northwest Territories: NWT Student Financial Assistance

In the Northwest Territories, funding is available under the Student Financial Assistance Program. There are different types of funding for part-time and full-time students, including course reimbursement, the NWT Grant for Students with Permanent Disabilities, repayable loans, remissible loans, and basic grants. Repayable loans are offered to help students meet expenses such as travel, books, tuition fees, etc. Remissible loans, on the other hand, are in the form of a monthly living allowance.

Nova Scotia: Nova Scotia Assistance

There are different types of funding available, including grants and Canada Student and Nova Scotia loans. Financial assistance is available to both full- and part-time students. When applying, they are asked to provide information such as their income and spouse’s income, course description, start and end date.

Ontario: Ontario Student Assistance Program

In Ontario, funding is available to students who are enrolled in private career colleges, diploma and college programs, and universities. The type and amount of funding depends on factors such as parental income, number of children, and the year in which the student graduated from high school. Financial assistance is also available to people in special circumstances such as those on social assistance, deaf students and those with hearing problems, former and current crown wards, and other categories. Sources of funding include the indigenous people bursary, living and learning grant, and others.

Prince Edward Island: PEI Student Financial Services

People enrolled in the College de l’Ile, Maritime Christian College, Holland College, and UPEI are eligible to get a bursary in the amount of $4,400 to $8,800. There is no need to apply. They can also apply for the Government of PEI Marine Atlantic Bursary and Community Service Bursary. Loans are also offered to students from middle- and low-income families. In addition, there are different types of funding available, including the Island Student Award, Island Skills Award, George Coles Graduate Scholarship, Career Connect, and others. Debt reduction is available to scholars who are unable to keep up with repayment.

Quebec: Aide financiere aux etudes

Part-time students are offered loans while full-time students are eligible to apply for grants and loans. People with special needs are also offered material resources, special needs housing, paratransit, and specialized services. Scholars with disabilities are eligible, including those with organic and motor impairment, speech and language impairment, and severe hearing and visual impairment.
People who are unable to repay their loan are offered a deferred payment plan whereby the government of Quebec pays monthly interest on behalf of the debtor over a certain period of time /up to 6 months/.

Saskatchewan: Saskatchewan Student Financial Assistance Program

The Government of Saskatchewan offers grants and loans to scholars who are enrolled in post-secondary programs. When applying for a loan, people are asked to provide personal information such as social insurance number, dependents, ancestry, program information, name of institution, and so on. Students enrolled in designated universities are eligible to apply, including St. Peter’s College, Luther College, First Nations University of Canada, University of Regina.
Student Loan Forgiveness for Nurses and Nurse Practitioners is a program that targets healthcare practitioners and encourages them to move to small remote and rural communities. To be eligible under the program, applicants must have a license to practice in the province as a nurse practitioner, licensed practical nurse, registered psychiatric nurse, or registered nurse. To apply, healthcare practitioners are asked to provide employment information such as name of facility, profession, work address, valid registration number, loan forgiveness period, and attestor or supervisor information.

Yukon Territory: Yukon Student Financial Assistance

Students in Yukon have plenty of options to explore when it comes to financial assistance, including scholarships, training allowance, Yukon Excellence Awards, Canada student grants and loans, and the Yukon Grant. The latter is offered to people enrolled in post-secondary studies, including PhD and Master’s Programs. Only scholars enrolled in designated institutions qualify, such institutions being the Yukon College and Alkan Air Flight Training.

Private Student Loans

Loan Types

Financial institutions in Canada offer student lines of credit, personal loans, and specialty and standard student credit cards. Big banks such as the Royal Bank of Canada and the Canadian Imperial Bank of Commerce offer lines of credit with competitive interest rates, extended grace periods, and flexible limits. Credit lines are offered to undergrads who are pursuing a degree in Veterinary Studies, Dentistry, Medicine, Law, Engineering, Accounting, and others. Applicants are asked to provide proof of citizenship or residency status, list of financial resources, cost estimate, and confirmation of enrollment. Examples of financial resources to include are part-time employment, government financial assistance, bursaries and scholarships, RESPs, and others. Scholars are also asked to provide a cost estimate, including travel expenses, room and board, fees, supplies and textbooks, and tuition fees. Credit unions, banks, and other establishments also offer personal loans with flexible repayment periods. Some banks offer loans with no prepayment penalty. Many finance companies and banks feature student credit cards with attractive interest rates, welcome bonuses, awards points, cash back on purchases, and other beneficial features. There are credit cards that go with sign-up bonuses, no annual fees, comprehensive travel and medical insurance, and generous discounts.

Who Offers Private Student Loans

Big banks such as TD Bank, Scotiabank, BMO, CIBC, and RBC offer private loans and other borrowing solutions. TD Bank, for example, offers home equity and personal loans to help students pay major college expenses.

The Canada Education Savings Grant is money contributed to a RESP by the government. The goal is to help parents save toward education. The money can be used to cover the cost of part- and full-time studies in a designated university, college, trade school, publicly funded college or pre-university, or apprenticeship program. Parents, guardians, relatives, and others that choose to open a Registered Education Savings Plan are required to make a personal contribution. For every $1 contributed, the Canada Education Savings Grant contributes 20 cents.

Young Canadians usually have a more limited exposure to credit, which makes it more difficult to get approved for unsecured loans and specialty credit cards. The good news is that issuers offer student cards that are specially designed for young people enrolled in college.

Options Available to Young People

Young Canadians have several options to look into, including department store, secured, prepaid, and student credit cards. Secured cards require that customers first make a deposit and then use the money to pay bills and make payments. This is one option if you want to build credit. A department store card is another option that gives you access to exclusive promos and deals but the rate is often higher compared to standard cards. A prepaid card is a third option that works much like a standard debit card and payments are not reported. A student credit card is also an alternative, and there are perks such as cash back incentives, no annual fee, and discounts on school-related items and purchases.

What Are the Benefits of Student Credit Cards

Student credit cards offer a number of benefits, among which additional protection in the form of zero fraud liability, miles, cashback points and other incentives, and lower credit limits. Many issuers also offer convenient tools to save users valuable time, help them stay current on their payments, and avoid penalty interest and negative impact on their credit score. Such tools are, for example, automatic bill payment, spend analyzer, and others.

How to Apply

It is easy to apply for a student card if you meet the requirements. Many issuers offer online applications and ask customers to provide employment, personal, and financial details such as your social insurance number, mother’s maiden name, whether you are a landed immigrant or Canadian citizen, and whether you are a domestic or foreign student. You may be asked to provide information such as your expected graduation date, program start date, whether you apply on your own or together with a co-signer, etc.

Fees to Watch for

Like other credit cards, student cards come with fees such as penalty interest, annual fee, cash advance fees, foreign currency conversion fees, and others. If you find good deals with no annual fee, this is a great way to save on charges. There are other fees to check for with your issuer, including late payment and over-the-limit fees, replacement, lost, or emergency issue card charges, and additional cardholder fees. The latter is usually $0 on no annual fee, low fee, and low rate credit cards. Fees and charges vary from one bank to another and can be different for business and individual cards. Some issuers charge fees for urgent card delivery as well as balance transfer fees, overdraft fees, surcharges, and so on. Make sure you check with your provider to ensure there are no hidden charges and penalties.

Top 5 Student Credit Cards

Many credit unions, banks, and online services offer student cards, including CIBC, Laurentian Bank, Desjardins, and others. If you are a regular customer and have a savings or checking account or an outstanding balance, it pays to check with your bank first.

#1. No-Fee Scotiabank Value® Visa Card

Scotiabank features a handy student card with card protection and introductory rate of only 3.99 percent. The introductory rate is for both cash advances and balance transfers, and makes it a good choice if you need to consolidate high-interest credit card balances. The card also offers car rental discounts, itemized transactions, and free supplementary cards. All in one this is a great student credit card choice.
• Annual fee: none
• Interest rate: 16.99 percent
• Credit limit: $500 (min)

#2. Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is a great choice for students, as it doesn’t have annual fee, and is actually one of the top cashback credit cards in Canada. The card offers 2% money back in many categories, and 1% on everything else. However for a limited time you can get 4% cashback in the 2% categories for the first 3 months. The card has no limit on the amount of cashback rewards you can earn.
• Annual fee: none
• Interest rate: 19.95 percent

#3. Desjardins VISA® FOR STUDENTS ONLY Credit Card

Also a great choice to start building credit, VISA for Students Only comes with handy features such as free-of-charge access to credit reports, travel insurance covering the first 3 days of each trip, mobile device insurance, and more. Cardholders benefit from additional perks such as flexible financing, no annual fee on additional cards, payment reminders, and the option to manage their account from their tablet, mobile device, or computer. There are additional features such as generous Hertz discounts, mobile payments, and no transaction fees.
• Interest rate: 12.9 percent
• Annual fee: $30

• Interest rate: 19.9 percent
• No annual fee

#4. Laurentian Bank Student VISA® Black Card

Laurentian Bank also features a student VISA card with perks such as exclusive discounts, free additional cards, and more. In addition to virtual mail statements, customers also benefit from convenient payments at bank branches, online, by phone, and by mail. This product is a great choice to build credit if you are studying aboard and are a full-time student. You can use it to make payments in emergency situations or pay daily and small expenses. If you usually maintain a balance, you may want to look into other options.
• Interest rate on purchases: 19.99 percent
• Monthly fee: none

#5. CIBC Aventura® Visa* Student Card

CIBC Aventura is another student card that offers the option to collect rewards points and features benefits such as accident coverage, travel medical insurance, mobile and online banking, authorized spending limits, and a lot more. Customers are free to use the online banking system to request additional cards, increase their limit, and make payments. The first purchase earns 5,000 rewards points. Cardholders also earn 2x bonus points on travel purchases at the CIBC Rewards Centre and 1 bonus point on regular purchases.
• Interest rate on purchases: 19. 99 percent
• Annual fee: $39
• Up to 3 free additional cards

Conclusion

As you can see, big banks and other major issuers offer plenty of choice to help you build a solid credit history and stay current on utility and other payments. A student credit card is a handy tool if you make payments by the end of the grace period. Just make sure you check for transaction fees such as cash equivalents, over-the-counter cash, and ATM fees, account fees, and other charges. Ask about the default rate in case you are late on your payments because penalty charges can be considerably higher. If you have a credit card with high interest charges, there are student cards with a balance transfer option to benefit from a lower interest rate. Ask about the promotional rate as well and the amount you can request if you choose to make a balance transfer.